Short Summary

In Manila, World Bank President Robert McNamara has portioned some of the blame for poverty in developing countries on their own governments.

Description

In Manila, World Bank President Robert McNamara has portioned some of the blame for poverty in developing countries on their own governments. He tailed the opening session of the joint annual meeting of the World Bank and the International Monetary Fund on Monday (4 October) that much of what these governments had spent benefited only a privileged few.

SYNOPSIS: Some 3,000 delegates are attending the joint meeting in the Philippines. The finance ministers and economic experts face a week of intensive discussions about the management of money to the greater benefit of making. Filipino President Ferdinand Marcos declared at the opening that a global rebellion of the poor had begun to conquer poverty. Then Mr. McNamara addressed the meeting.